Toshiba Corp. said Tuesday it has received a letter from CVC Capital Partners saying the British private equity firm will suspend its consideration of a buyout offer.
CVC's move is seen as a de facto withdrawal from its plan to acquire Toshiba and take it private following an abrupt leadership change at the Japanese industrial conglomerate, according to sources familiar with the matter.
CVC had expected to submit a detailed proposal but Toshiba said it received the letter on Monday that contained "no specific and detailed information capable of detailed evaluation."